Tesla has accused US regulators of “harassing” the company’s CEO, Elon Musk, under a 2018 regulatory settlement that sought to restrict his use of social media.
The Securities and Exchange Commission (SEC) is conducting baseless investigations into Musk and Tesla, the company’s lawyers say in a letter filed Thursday with a federal judge who oversaw the settlement.
The company said earlier this month that regulators had sent a subpoena last year seeking information showing how the company and its CEO had complied with the terms of the deal.
The SEC failed to hand out a $40 million fine to shareholders allegedly harmed by Musk’s 2018 Twitter posts that he planned to take Tesla private, according to the letter.
The SEC claimed that Musk’s statements were untrue. The regulator’s 2018 lawsuit eventually led to an unusual settlement in which Tesla’s lawyers would review some of the CEO’s tweets and other public statements overseen by lawyers.
“When Musk and Tesla agreed to consent decrees in 2018, Tesla was a less mature company,” wrote attorney Alex Spiro.
“Musk and Tesla understood that a settlement with the SEC would finally end the SEC harassment and, more importantly, make this court, and not just the SEC, the monitor on any perceived compliance issues going forward.”
Source: CNN Brasil
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